Aramid Fiber Market Size, Company Revenue Share, Key Drivers and Trend Analysis by 2027
Recognized globally as one of the most crucial verticals in the field of polymers and advanced materials, the global aramid fiber market size is expected to reach a valuation of over $ 6.3 billion. by 2027..
The aramid fiber market is a class of high strength and heat resistant synthetic fibers. These high performance materials are characterized by exceptional physical properties, including superior resistance to abrasion and organic solvents, low flammability and excellent fabric integrity at elevated temperatures. In recent years, aramid fibers and products made from them have been used extensively in a range of different applications.
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Deployment of 5G to bring promising opportunities
Next-generation wireless technology 5G promises a seamless future. It will unlock blazing speeds for users and allow more devices to connect simultaneously without slowing down the network. The deployment of the broadband network will require additional equipment, including new transmitters to relay all the data generated. Many of these transmitters will likely still connect to the Internet through fiber optic cables.
Considering recent developments as well as 5G deployment efforts, the demand for fiber optic cables is expected to grow rapidly in the near future. Aramid and para-aramid fibers are widely used in the production of optical fiber cables. Manufacturers in the aramid fiber market have adopted many growth strategies, such as expanding existing manufacturing facilities and creating new ones, in preparation for 5G.
For example, in July 2018, Chinese company Yantai Tayho Advanced Materials invested US $ 89 million in a para-aramid production plant in northwest China. The company aimed to manufacture 3,000 tonnes of para-aramid fiber yarns to meet the growing demand for fiber optic cables for 5G networks. The following year, the Japanese company Teijin announced its intention to increase production of para-aramid fibers which it manufactures and sells under the name Twaron.
Citing yet another example, in May 2020, South Korean manufacturer Hyosung Advanced Materials signed a memorandum of understanding with the city of Ulsan to invest in expanding its aramid plant. As per the agreement, the city of Ulsan agreed to offer administrative support to Hyosung regarding the necessary approvals and permissions.
These trends, along with numerous 5G testing and deployment efforts in China, Japan, South Korea, and India over the next few years, will positively influence the forecast for the Asia-Pacific aramid fiber market ( APAC).
Huge potential in advanced applications
Numerous cases of explosions of mobile devices, drones, electric vehicles and other technologies over the years have driven the demand for lightweight materials to power them. Researchers at Texas A&M University and the University of Houston developed a new supercapacitor electrode in June 2020 using aramid nanofibers and graphene oxide. The new supercapacitor electrode is much stronger and more versatile than conventionally used carbon electrodes.
The aramid nanofiber offers exceptional mechanical strength which improves the versatility of the electrode for a range of applications, including the military. The research was funded by the Office of Scientific Research of the US Air Force. The development of more precise modeling methods will allow the discovery of new, more efficient nano-architecture solutions that can deliver higher power and longer battery life with lighter weight.
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Main obstacles to growth and the impact of COVID-19
The high costs associated with the production of aramid fibers could prove to be a major factor limiting their demand in the future. In addition, the lack of availability or raw materials due to the recent coronavirus outbreak and subsequent disruptions in manufacturing and supply chains have affected the forecast of the global aramid fiber industry to some extent. .
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